DAEMON Tools Lite (DTL) is a software for virtual drive management and emulation. You can use this program to 1) create bootable USB, 2) burn and rip CD/DVD, 3) create virtual HDD, and 4) mount disk images. Sadly, not all features are available right off the bat and you will have to buy them first.
The first thing I noticed in this program is its UI. The developers have completely redone the UI to improve the overall dexterity. You can easily access all the features in the main window. Another good thing about this program is its integration with image formats like ISO, ISCI, BWT, VMDK and MDS to name but a few. You can use the Quick Mount tab at the bottom to mount disc images or you can use the dedicated search bar to find all the disc images available on your computer.
You can use DTL to make disc images of your CD/DVDs and convert them to different image formats through this software. DTL can burn disc images to CD/DVDs through its dedicated burner. You can also use this burner to clone and erase discs. This program also offers Virtual HDD capability. Virtual HDD creates a virtual physical disc to make backups and have multiple operating systems. It can also create a TrueCrypt file containers to store sensitive and confidential information. DTL also lets you create bootable USBs and can encrypt your USB sticks with a password. All these features, however, require purchasing prior to use.
To summarize, DAEMON Tools Lite is an amazing software for mounting and emulating virtual drives. It is also the light version of the more powerful DAEMON Tools Pro, which offers more capabilities, and tools. I recommend DTL to casual users who at most need it to mount disc images and create virtual drives.